Merrill Edge Self-Directed Reviews

Summary of a Reddit post

They were fine with Merrill Edge until a backdoor Roth conversion, when Merrill insisted on leaving a small minimum in the traditional IRA or closing it. They are now considering moving their money away.

Summary of a Reddit post

They have used both Merrill and Schwab and say customer service is the big difference: the Bank of America card perks were nice, but Merrill support was not there when they had a problem.

Summary of a Reddit post

They opened Merrill purely to get Bank of America Preferred Rewards, but despite meeting the requirements the accounts never got linked after four escalations and hours on the phone, so they are leaving.

Summary of a Reddit post

Opening an IRA took a week of review, ACH and mobile check funding both failed with 'Something went wrong' errors, and support said a separate CMA account was needed to fund the IRA.

Summary of a Reddit post

They had a Self-Directed account for over a year, then Merrill sold all their holdings over outdated visa paperwork, citing a missed call and a letter they never received. They were upset by the lack of real notice.

Summary of a Reddit post

Long-standing Roth IRA was abruptly closed over an unupdated profile, triggering early withdrawal taxes and mailing a check to an old address.

Summary of a Reddit post

Cumbersome back-office restrictions, rough platform design, and endless hold music make customer service painful.

Summary of a Reddit post

Requesting options trading approval led to the account being locked for eight days.

Summary of a Reddit post

They say the Merrill outage cost them real money, that Merrill never owned up to the mistake, and that they filed a FINRA complaint over it.

Summary of a Reddit post

They hit errors buying shares during the Merrill outage, then found the order missing and recorded at a different price. Phone support was slow, transferred them around, and the fix never appeared in their account.